Acquisition combines Emdeon's broad connectivity network and revenue cycle management solutions with FVTech's innovative suite of payment transformation solutions
Emdeon announced January 26th the acquisition of FutureVision Technologies ("FVTech"), a premier provider of outsourced services specializing in electronic data conversion and information management solutions. By combining FVTech's innovative document conversion technology with Emdeon's broad connectivity network and revenue cycle management solutions, Emdeon will now have the ability to electronically process virtually all patient and third-party healthcare payments regardless of the format in which the payments are submitted.
Commenting on the strategic benefit of the acquisition, George Lazenby, chief executive officer of Emdeon said, "Today, roughly 90% of payments in healthcare are conducted via paper. At Emdeon, we are committed to changing this fact. FVTech's technology, when combined with our industry-leading all-payer network, will position Emdeon to help our customers overcome many of the barriers that prevent automation of these payments. With FVTech's capabilities, Emdeon can now automate 100% of the posting for both paper and electronic payments for our provider customers. These capabilities will allow Emdeon to create immediate savings for our customers through automation and help reduce costly errors that commonly occur through manual processes."
Brad Banyai, chief executive officer for FVTech, stated, "As a result of our acquisition by Emdeon, we can properly leverage our technology and experience with Emdeon's vast connectivity in the marketplace and make real inroads to processing healthcare payment transactions electronically. For more than ten years, FVTech has focused on creating electronic document solutions for the healthcare industry and we are excited about layering our solutions into the Emdeon network."
Emdeon currently distributes payments and remittance data to more than 500,000 healthcare providers. According to a November 2009 report by Celent, there could be as much as $11 billion in annual savings realized in the U.S. alone by converting paper checks and explanation of benefits to electronic data. FVTech's documentation conversion technology, when coupled with Emdeon's consumer payment processing services, will provide a comprehensive payment solution for providers. The new capabilities acquired as a result of the FVTech acquisition will also allow Emdeon to automate the posting of payments from its network along with other payer payments to automate this historically labor-intensive process. This 360 degree view of payments will offer healthcare providers the ability to manage 100% of their third party payer and consumer payments from one vendor, as well as automated reconciliation and posting capabilities.
To view the full press release or learn more about how Emdeon is Simplifying the Business of Healthcare, visit our website or call 877.EMDEON.6 (877.363.3666).
Emdeon acquires FutureVision Technologies to enable full automation of healthcare payments
